Shares of petrochemical company Chandra Asri (TPIA), controlled by tycoon Prajogo Pangestu, ended higher by 3.3% to Rp9,500 on Wednesday (Jul 10) to make a market capitalisation of Rp822 trillion or US$50 billion. That means Chandra Asri is now bigger than two of the world’s largest chemical companies Dow Chemical (USA) and BASF AG (Germany).

The management of PT MNC Asia Holding Tbk (BHIT), a holding company controlled by Hary Tanoesoedibjo, has on Wednesday (Jul 10) sent a letter to question the decision from Indonesia Stock Exchange (IDX) placing the shares of MNC Land (KPIG) in an unusual market activity (UMA) status. 

Minister of state-owned enterprises Erick Thohir has proposed a total of Rp44.24 trillion for capital injection (PMN) into 16 state companies from the 2025 Budget. This is way above the approved Rp27 trillion, of which Rp13 trillion in cash, injection in the 2024 Budget.

State mortgage Bank Tabungan Negara (BBTN) has informed shareholders (ministry of state-owned enterprises) that it has decided not to proceed with a merger plan with PT Bank Muamalat Indonesia, the pioneer of sharia banking in Indonesia. Pretty much in contrast to optimism delivered by MSOEs Erick Thohir early this year that the merger can be completed before end of Jokowi’s term (October 2024).

Shares of ACE Hardware (ACES), the largest furniture and home furnishing chain in Indonesia, ended higher by 1.8% to Rp850 on Monday (Jul 8) to make a market capitalisation of Rp14.6 trillion. The stock, however, is still less than 50% of its peak in 2019, among others due to intensified competition in the industry.

Japan’s largest furniture and home-furnishing retail chain Nitori Holdings Co. Ltd has announced the launch of its Indonesian store. This will heat competition in the industry long dominated by ACE Hardware (ACES), and in the past few years challenged by IKEA (under Hero Supermarket).

Shares of Amman Mineral International (AMMN) opened lower by 1.3% to Rp11,400 this morning to make a market capitalisation of Rp826.7 trillion or around US$51.4 billion, bigger than Newmont Corporation (NYSE: US$51.3 billion) from whom it purchased the Batu Hijau gold and copper mine in West Nusa Tenggara (NTB) province few years ago.

Nickel ended at US$17,405 per ton on LME Friday (Jul 5), down 18% year-on-year due to a combination of softening in the global economy and ample of supply, particularly from Indonesia despite slow approval of 2024 work and budget by energy and mineral resources ministry (ESDM).

State pharmaceutical firm Indofarma (INAF) suffered net loss of Rp721 billion in 2023, widened from Rp457.6 billion loss in 2022, as net sales fell 46.6% year on year (y/y) to Rp523.6 billion. Combined various issues at sister company Kimia Farma (KAEF), the Prabowo-Gibran administration should make a decision on the future of state companies in the pharmaceutical sector.

MNC Land (KPIG) a member of MNC Group, is finalizing a series of projects in the MNC Lido City Special Economic Zone (SEZ). In the second half (H2) of this year, KPIG will present Trump International Golf Club-Lido, Trump Residences Lido, and Hyatt Regency Lido.